The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008. read more Russia is the world’s top exporter of crude and oil products combined, at around 7 million barrels per day (bpd ) or 7% of global supply. Such a ban would be unprecedented, turbocharging already sky-high prices and risking inflationary shock. Here are some of the likely consequences of a ban: RECORD PRICES Western governments have not directly sanctioned Russia’s energy sector but some customers are already shunning its oil to avoid becoming entangled in legal troubles later. JP Morgan predicts oil could hit a record $185 a barrel by the end of 2022 if disruption to Russian exports lasts that long, although along with most analysts polled by Reuters the bank expects a yearly […]